Ripple Sold $535 Million in XRP Last Year

Ripple recently released its final quarterly performance for 2018 showing total XRP sales of $535.56 million for the whole of 2018. XRP sales decreased in the fourth quarter of 2018 while trading volume increased.

$535 Million in Total XRP Sales for 2018

According to the report, Ripple sold a total of $535.56 million in XRP tokens for 2018 as a whole. Of this figure, $171 million or roughly a third came from institutional buyers while more than $363 million came from sales via third-party market makers.

As for the fourth quarter of 2018, Ripple reports that it sold 129.03 million worth of XRP. This figure is over 20 percent less than the sales recorded in the preceding quarter which stood at $163.33 million.

One likely cause for the decline is a contraction in direct institutional sales by Ripple II; the company’s licensed money transmitting arm. In Q4 2018, Ripple II sold $40.15 million, less than half the sales figure for Q3 2018 ($98.06 million).

Sales via Ripple’s money transmitting subsidiary tend to cater to institutional buyers. Such transactions usually have some restrictions put in place to prevent huge swings in volatility.

The report also showed an increase in programmatic XRP sales (via third-party market makers). Ripple recorded programmatic XRP sales to the tune of $88.88 million in Q4 2018 compared to $65.27 million in the previous quarter.

In total, the company sold $535.56 million in XRP tokens for the whole of 2018.

Recently, other sources have revealed that Ripple may be overstating the market capitalization and circulating supply of the XRP token. The report which brought the findings to light also alleged that the recorded XRP trading volume might be manipulated via wash trading by overseas exchange platforms.

Growing XRP Utility

Concerning adoption, Ripple reports that there is a growing utility for the XRP token, especially with cryptocurrency exchange platforms. XRP is now listed on more than 100 platforms globally, according to the market report marking a 100 percent increase compared to the end of 2017, which stood at 50.

Furthermore, the company says the token is finding more utility as a base pair at nine exchanges including Binance, the world’s leading exchange by trading volume.

The findings also touched on xRapid, the company’s cross-border payment solution which went live on October 2018. According to the report, notable financial institutions like Catalyst Corp and Mercury FX have already signed on to xRapid.

What do you think about XRP’s overall performance in 2018? Let us know your thoughts in the comments below.

Image courtesy of Ripple, Shutterstock

The post Ripple Sold $535 Million in XRP Last Year appeared first on Bitcoinist.com.